MTECHTIPS:-Crude oil to trade in 2769-3109

MTECHTIPS-Crude oil trading range for the day is 2769-3109. Crude oil rallied following assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. Saudi Arabia’s OPEC Governor Adele Al-Asama told OPEC and non-OPEC nations were close to agreeing a deal on supply cuts. Traders also pointed to soaring U.S. oil output, up more than 10 percent since mid-2016 to 9.3 million bpd, levels not far off top producers Russia and Saudi Arabia. BUY CRUDE OIL MAY 2017 @ 2980 SL 2940 TGT 3020-3060. MCX.